Iran may Go After non-Indigenous Cryptocurrencies Soon

Iran may Go After non-Indigenous Cryptocurrencies Soon

It appears Iran’s lawmakers are busy trying to figure out how best to enforce the Central Bank’s plan to grant people the permission to make payments with crypto obtained only from authorized state centers.

The Iranian Parliament Commission on Economy has come up with a new bill that will limit the freedom of crypto usage in the country. Miners are also getting a new list of dos and don’ts.

According to the Tasnim News Agency yesterday, the sponsored bill is known as “Support for cryptocurrency mining and organizing the domestic market for exchanges.” The aim is to grant powers to the central bank to decide on all matters concerning crypto exchange in Iran.

This means that there is a possibility that the only digital asset that may be accepted or exchanged in Iran months from now could be one from the central bank, meaning a CBDC or any other token created in Iran farms. Foreign miners may be fortunate to be accepted if they are licensed and mine on Iran’s soil.

If the bill is passed, the Ministry of Industry will start overseeing all crypto mining operations. The good thing about this is that Iran won’t hesitate to sell electricity to those that apply if more than enough is produced.

Iran has been in support of crypto mining since last two years although the players in the field only get recognized after obtaining a license and complying strictly to the rules. Unfortunately, mining was stopped in May by the president and will not resume until the next two months. Iranian authorities have been searching for some likely thieves who have been using the country’s electricity without approval.

Iran has the intention to legalize cryptocurrency but only for the interest of the country’s economy. This was made clear in June during the president’s meeting with some important agencies in the country.



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2 Comments

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